In business school I sat on the sidelines reading about Bitcoin, wishing I had gotten into it like all these people who have made millions. I read about the potential of it continuing to rise and all the hype going on around it at the time. However, I was in college, money was tight, and I was frugal so reading about bitcoin was all I did. Bitcoin was selling for around $175 at the time, I completely forgot about cryptocurrency and life kept me busy with more school, work, and kids. A couple weeks ago I met someone and got excited about cryptocurrency again. Being determined that I would not find myself doing what I did with Bitcoin, I dumped some money into Ethereum (my curser in the image represents roughly where I bought). Since my purchase, it has dropped dramatically. Im not freaking out yet because I am looking to be in Ethereum for the long, long run.
Im writing this because I want to hear others thoughts and comments.
How long do you thing i'll need to be in Ethereum?
Do you think i'll be back in the green soon?
Give it to me straight, all ideas and thoughts are welcome.
Thanks
I believe that @bostonkreme1 is giving the right advice. Hold. especially if you bought for long term purposes. Just diversify and dont watch the graphs too closely.
I'll be honest, I look at the graphs to often. I can justify it because if I get to break even I want to move some of the funds into SteemPower. I also need to prep myself that this may not happen soon.
Youll have help here from people who know a lot more than I do about cryptotrading, but my two cents are just hold for now and buy at 250-200.
You're speaking truth because others have said the same thing. Thanks
I wrote about this earlier, you can check it on my steem blog. There are some serious security issues with smart contracts that can potentially strangle the network.
Thanks for commenting, I'll check it out.
You're welcome @athome :)
Imho I think ethereum has great potential, but it got over hyped and pumped too fast, it needs a correction. I can't say where it'll correct to, but this is probably not the end for ethereum. If you invested as a long term investor, you are probably fine. If your trying to make a short term trade, maybe not.
I think bitcoin is a great investment for the long term, I think it will continue to grow and correct in a healthy fashion. Bitcoin is proven tech with actual value in the real world today. Ethereum is unproven tech, with a lot of potential value in the future, maybe even more then Bitcoin.
Bitcoin is a store of value, ethereum is not. Vitalik himself said Eth was not meant to be a store of value. It is meant to be a platform for creating decentralized applications and smart contracts. All that is as new as bitcoin was in 2009. They both stand the chance to be huge but are striving for different goals. Bitcoin is trying to eat savings accounts and the banking system, while ethereum is trying to eat contracts. If they both succeed, ethereum stands to be bigger, but bitcoin has made more progress towards it's goal.
I had not heard that about Eth, that It was not meant to be a store of value. I find that interesting, and clearly putting my money on the Eth platform succeeding Thanks for the post and input.
No problem man! One thing that made it boom was the ICO's that required people to buy in with Eth.
I'm in a similar boat. I first learned about bitcoin when it was worth about $300-$400 so I was already a bit late, but even if I had obtained 1 bitcoin at that time, I would have made a killing on profit from it now haha.
I also got busy with life and school for years after my first encounter with cryptocurrency until recently when I decided to just go for it. Like you, I'm also in it for the long-term so I'm not super worried about the trend right now. I think it might just be correction seeing as how Ether did jump up dramatically in a short period of time.
I wish I could say I had any idea about how long it'll take for Ether to start trending upwards again, but I believe it will - maybe not as quick as it did the past 1-2 months, but I think it'll be a steadier rise in value. For now, I'd just continue to hold and watch the market trends.
I wonder if Ethereum will end up resembling a similar graph as Botcoin. After Bitcoins first big spike it drop back down for a few years until its next big spike that we are seeing now.
I've been wondering the same thing.
I figured there had to be some others in the same boat! Good to hear from you! Your username made me laugh by the way.
Thanks!!!